You
may or may not need life insurance with a mortgage.
Your
lender may require you to carry mortgage insurance if you are making a low down
payment on your home. Mortgage insurance names the lender as beneficiary and
the death benefit goes to the lender to pay off your mortgage loan upon your
death.
However,
you may want to consider mortgage term life insurance if you own a home with a
mortgage. Mortgage term life allows you to name your spouse, or anyone you
choose, to be the beneficiary. This means your family will receive the money
from your life insurance and can pay off the mortgage, or use it for any other
purpose, such as, replacing your income.
Learn
more about how mortgage term life insurance works and how you can compare plans
and rates online.
